Total existing home sales were up in December when compared to the previous month and were also up from December of last year. Prices continue to increase, even given the modest seasonal decrease that is typically seen in the winter months. This is due in large part to the consistent rise in home sales, coupled with the continually decreasing inventory. Demand is there, but many buyers are finding it hard to find what they’re looking for. Recent Federal Reserve policy changes will likely mean slightly higher interest rates moving into the New Year; however, market reactions so far have been positive and rates have edged up very slowly. NAR economists are predicting 5% interest rates by the Spring or Summer of 2014 but there are many variables to consider so we will have to wait and see. Those considering purchasing a home may wish to take advantage of the modest price gains and lock in mortgage rates as they continue to trend upward.

Month’s Supply: 6.3 Months

**Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.

Interest Rates

In December, the Federal Reserve announced it would begin to curtail its purchases of non-traditional assets, also known as quantitative easing. As the Fed tentatively draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Currently, Freddie Mac reports the following, figures: 30-year fixed-rate, 4.48%; 15 – year fixed-rate, 3.52%; 5/1- year adjustable rate, 3.00%.

Queens NY Home Sales

According to the Long Island Board of Realtors, the seasonally adjusted rate of home sales increased 6.9% from last year to an annual rate of 773 homes. The rate of home sales is also up 5.2% from the rate reported in November. As banks begin to implement new lending regulations, credit tightness is likely to hamper home sales in Queens, however, due to the fact that inventory is still shrinking, demand is growing and may continue to do so in the beginning of the New Year.

Queens NY Home Prices

Median home prices rose slightly from November to December, rising 1.3% from $380,000 to $385,000 according to LIBOR. Year-over-year home prices continue to show fairly modest gains with prices up 2.7% from last December. This is consistent with the price gains of 2.4% over the course of the last twelve months.

Queens NY Housing Inventory

The level of total housing inventory in Queens county dropped in December to 5,190 homes, down 9.3% from the previous month. Month’s of supply of inventory also dropped slightly due to the high pace of sales this month. The number of months of supply represents how many months it would take the current level of inventory to sell given the current sales pace if no other homes were added to the market. Supply in December represented 6.3 months, down 8.7% from the previous month. A sign that demand is very high and inventory is still scarce in many areas around Queens.

Courtesy of George Herrera with the Queens Home Team @ Keller Williams Realty Landmark II.

If you had a choice, to purchase a 1 Family, and it was brick, and 20' wide, with 3 bedrooms, a private yard for about $575k in Middle Village,NY....... you may want to consider the additional benefits below that is of significance: two top rated schools, a 10 block long park(juniper park) three supermarkets, two Italian butcher shops, 4 pizzerias, stores on Metropolitan Avenue, Dry Harbor Road, and Eliot Avenue for your convenience. Three nursery schools, 3 Pre-K schools, dentists, pediatricians, M.D.S, Heart Doctors, Podiatrist, Eye Doctors, Dermatologist, and basically all in walking distances. As far as Transportation goes, Metro Bus Lines, Eliot Ave. Bus Lines, 80 street and 69 street bus lines. And Express bus lines to Manhattan and an M train on Metropolitan Avenue.

GOOD HOUSE HUNTING IN 2014....BE SMART, CONSIDER EVERYTHING PLEASE!

JIM TURANO/BROKER*DIVERSE REAL ESTATE*

75-34 METROPOLITAN AVENUE,

MIDDLE VILLAGE,NY 11379

CELEBRATING MY 35TH YEAR IN THE REAL ESTATE BUSINESS

1-718-326-2133 OFFICE AND CELL 1-347-837-9206

JIMTURANO/BROKER

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January 18, 2014

Update:JANUARY 18TH...SOLD MY NEW LISTING IN 48 HOURS!

Real Estate News-MIddle Village,NY.......Homeowner could not believe the enormous amounts of showings in just two days, plus with three offers, and an offer that hit the range that the Real Estate Broker, Jim Turano gave her prior to showings. (JAN.18,2014)

With 35 years of Real Estate Experience, over 3,000 written appraisals, and double that amount of verbal appraisals, Jim came up with the right asking price and Bingo the House was SOLD!

No signs...No MLS...No long 6 month exclusive contract of sale......

Just old fashioned experience and nohow!

Jim says Buyers are educated after seeing homes for sale. Some know prices better than some sales agents.

Here is the Listing sold in 48 hours.... 20 footer...........

1 Family Brick Townhouse with three bedrooms, Parquet floors throughout home, a brand New Kitchen, a deck off the dinning rooms, and a large private yard for a pool to be placed in.

A partially finished basement, 220 Elect. and New Boiler. One Block to Park, to P.S. 49.

address: 64-22 78 street, Middle Village, New York

20x100 property! Asking $605k

Another satisfied Homeowner!

As per Broker, Jim Turano, Diverse Real Estate, Pricing the Home correctly from the beginning is key! Jim Turano, and his experience along with a documented background can be found by GOOGLING his name.

Within 4 hours after the Home was listed we were able to show the House four times that evening. The second day produced 5 additional calls and viewings. And on the third day we now have two offers from 'qualified' buyers.

The Homeowner is estatic with so many viewings already.

As I have stated in many articles, on TRULIA, Leading Observer, Queens Ledger, and the Glendale Ledger, the key to succesfully selling a Home, is accurately setting the right price to begin with.

Buyers are educated from shopping around. They know Value.

After 35 years in the Business and having completed over 3,000 written appraisals,

my experience is key to all sellers.

And without the aide of signs on a property or Multiple Listing services to.

Just Private appointments with qualified buyers!

DIVERSE REAL ESTATE

75-34 METROPOLITAN AVENUE, MIDDLE VILLAGE, NY 11379

OFFICE NUMBER 1-718-326-2133

JIM TURANO/BROKER-1-347-837-9206 CELL

Before you hire anyone to represent you selling your home, check their backgroung out.